As digitalization grows to prominence, organizations today are totally engrossed in executing their daily transaction through connected devices that simplify their operations and business processes. Today, it is not too surprising to see retailers seeking a much-needed dose of technology to simplify their retail banking processing. With the millennial generation expected to become the largest consumer group by the next decade, CIOs are pressurized to gear up with innovative banking systems, products, and services that help them to increase revenue, and stay ahead in the competitive marketplace.
The lack of automation has led to several non-core lenders employing antiquated and cumbersome solutions such as spreadsheets. They often fail to identify the missed fines and accrued interest, and this can cost millions of dollars. Besides the augmentation of retail banking practices, even the customers of the digital age expect seamless services such as quick and automated processing, and instant response to queries through their preferred communication channels. To assist banks, credit unions, and credit companies in augmenting their customer service, several providers are offering robust solutions designed to improve customer experience (CX), battle financial fraud, and increase operational efficiency.
The demand for customer-centric and simple solutions has spurred developers to design products to which even users with no previous experience can get acquainted with in a short period. With the proliferation of technology in the retail banking industry, the enhancement of customer experience has become paramount. To promote agile processes and innovative approaches, traditional retail banks are investing in digital transformation.
The emerging banking solutions harness the power of artificial intelligence (AI), machine learning (ML), big data, voice biometrics, and several other technologies to help organization link the various consumer interaction channels, including SMS texts, email, voice, chatbots, and so on to provide customers with superior, omnichannel, self-service experience.
To achieve this, financial institutions across the globe are inclining heavily on automated banking solutions to manage client’s transactions and accounts. More and more organizations around the globe are seeking novel ways of introducing self-service into the various communication channels and make it easy for their customers to resolve their queries and conduct banking without human interaction.
The staggering growth of cloud services and big data analytics is helping banks formulate innovative consumer-centric strategies. A reliable mobile and wireless banking option allow retailers to transact anywhere, anytime— while reducing operating expenses and time. Add to this, features such as predictive analysis and transaction data monitoring are facilitating banking firms with customized solutions. These technologies are also helping banks improve risk management and compliance.
In order to drive success in the banking environment, it is essential for financial institutions to acquire greater expertise incoherent digital ecosystems that can ensure the efficacy of their solutions while providing state-of-the-art services. To help CIOs, CFOs, and CEOs find the right solutions for their retail banking initiatives, a distinguished panel comprising CEOs, CFOs, analysts, and Banking CIO Outlook’s editorial board has selected the top players in the sector. The companies featured here demonstrate an ability to develop innovative technologies and methodologies while providing outstanding customer service.
We present to you Banking CIO Outlook’s Top 10 Retail Banking Solution Providers - 2018.